After a slowdown for loan growth in the first quarter, FIG Partners analyst John Rodis sees activity for small to mid-sized banks picking up.

2. Southwest Bancorp

Shares of Southwest Bancorp ( OKSB) of Stillwater, Okla., closed at $12.86 Wednesday, returning 15% this year, following an 88% return during 2012. The shares trade just above tangible book value, and for 16.8 times the consensus 2014 EPS estimate of 77 cents. The consensus 2013 EPS estimate is 59 cents.

Southwest Bancorp had $2.1 billion in total assets as of March 31. The company on April 24 reported first-quarter net income available to common shareholders of $2.4 million, or 12 cents a share, compared to $972 thousand, or 5 cents a share, in the fourth quarter and $4.2 million, or 21 cents a share, in the first quarter of 2012.

Net interest income decline to $15.6 million in the first quarter from $17.3 million the previous quarter and $20.8 million a year earlier. The net interest margin narrowed to 3.16% in the first quarter from 3.41% in the fourth quarter and 3.82% in the first quarter of 2012. The company said its core loan portfolio declined sequentially by $49.4 million, or 4%, during the first quarter.

On a brighter note, the provision for loan losses declined to 498 thousand in the first quarter from $3.1 million in the fourth quarter and $1.7 million in the first quarter of 2012.

Southwest Bancorp's first-quarter ROA was 0.46% and its return on average tangible common equity was 3.90%.

Southwest CEO Mark Funke said in the earnings release that "2013 will continue to be a positive rebuilding year for Southwest," and that "during the first quarter several new talented bankers were added into key commercial lending, treasury management, and mortgage positions, building a base for future revenue generation and more diversification in the loan portfolio."

Rodis said in a note following Southwest's earnings announcement that "while the 1Q13 results were below our estimate of 15 cents , the turnaround story at OKSB continues."

The analyst said Southwest's new management team had completed 70% of its review of the loan portfolio, was looking to consolidate its two bank charters, and was also planning "to redeem its higher costing trust preferred in September; and lowering operating expenses when possible."

Rodis estimates the company will earn 55 cents a share this year, with earnings increasing to 70 cents a share in 2014.

"Our $15 target assumes OKSB shares trade closer to 115% of tangible book value 1-year out," Rodis wrote, adding that "at this level this would still be a discount to other regional banks."

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